We all may hear the proverb that slow and steady win the race. But today the utilization of this proverb is almost losing ground. In the forex market, I have examined many traders who were incredibly good traders at preliminary level but due to lack of endurance and disciplined trading style they blew up their accounts within a short period of time. Akin to any other field, forex market is demanding a good deal of persistence and hard work along with regimented trading styles.
Because we're fed more and more stories about opportunism leading to success. "He bought 2438 bitcoins in 2011, now he's retired at 23" and so forth.
I would add enough rest as well, because when you don't have some rest in proper time then your discipline is not as good as you want it to be. Emotions can also affect trading. So, rest is an important factor too.
And it seems to me, one cannot be a successful trader without endurance and discipline. Anyway, one must have a lot of patience to succeed on forex.
One to watch Bro - I think that even you would agree with this fine example of a trade set up ---- A Market Update on the Gbpusd Pair Spot Price 1.3828 I have over ran the Low Support Level for same strange reason - Present Support Level Should have been Expected at 1.3765 carrying any overbought value to the Lower Support Level at 1.3723 "My attention has just this minute been woke up" - So there has been A Price Adjustment - By this I mean A Charge in Price Direction - The Derivative is now at Uptrend Phase - Towards Monthly Chart Cycle Highs at 1.5816 : An Added Note for the More Advanced Trader among you : There are 2 Resistance Levels to watch out for at 1.4266 & 1.4838 Lets see if I`m right - This is A Breakout Trend towards New Highs at 1.5816 So should prove of A Straight Forward Trend without to much difficulty. -- Please plot out the relevant Support Level or Resistance Levels as mentioned I think that you will find that this set-up will work for yer you have plenty of time. This is discipline Bro.